Registered Bookkeeper? Just another regulation land mine.

It's taken almost 10 years for the Australian government to realise that WHO prepares your business' BAS is actually a risk to THEIR revenue. So from the 1 March, they will bring in changes via the Tax Practitioners Board to ensure lodged BAS forms are completed by registered bookkeepers and in turn, hopefully see an increase in government revenue.

Will it work? This is the criteria for becoming a registered bookkeeper;

• Person must be over 17 years of age
• Person must be a 'fit and proper person'
• Relevant accounting qualifications with at least a Certificate IV Financial Services (accounting).

The above sounds reasonable, although the issue the government faces is how to promote the new rules to users and to enforce it. There are still many businesses today that don't realise if they use a supplier without an ABN, they are legally obligated to withhold 46.5%.

Unfortunately all the the government has achieved is to add one more regulation land mine for business to trip over.

Action: Ask your bookkeeper if they will be a registered bookkeeper with the Tax Agents Board.